Posted tagged ‘Coin’

COIN V2

August 26, 2015

IMG_2281Well COIN pushed an update to their app on iOS today. Part of the update was to add a feature to add a nickname to each credit card stored on the Coin device. Okay, to refresh your memory, Coin is a device that allows one to store up to six credit cards on the device. It has the same form factor as a typical credit or debit card. The deal is that you can reduce the thickness of your wallet from six credit cards to one.

The problem was that one had to remember the last four digits of each credit card so that one could select the one that you wanted to use. So for example, now you could assign a nickname like WF for a Wells Fargo card or BA for Bank of America. A feature that would be welcome and useful.

They also announced that would be a V2 version of the device. Current owners/users could upgrade for free. Well that’s nice. The V1 device seems to have some issues around acceptability at some merchants. ie. not everybody accepts it. That’s a big problem because it means that you have to have a real backup credit card in case the store can’t read the COIN.

The V2 COIN is also supposed to support NFC (Near Field Communication). This allows one just to wave the card on top of the POS terminal. This is the same feature that is used by ApplePay or GooglePay. If stores start supporting NFC, why would I need a card? I could just use my iPhone, Most stores aren’t anywhere close to accepting NFC,

Here’s the main problem. The V2 COIN won’t start shipping until Q1 2016. What they mean by that is the end of Q1 2016. Corporations often have a weird way of telling time. If I told my wife that I would be home by 9 pm and I walked in the door  at 9:55 she might be justifiably be upset. I said I would be home by 9. It’s still 9 o’clock. Time to duck. That’s seven months from now by my math.

Anyways, back to the update. I installed the update. I registered for the update. no problem. I am now aware of their method of keeping time. I managed to set one nickname. But I was unable to set another. At the same time my COIN seems frozen. No sync, Won’t turn on. I can’t prove that the update screwed up my COIN but it seems likely that it’s the culprit.

Time for another email to COIN support. They say to repeatedly push the on button until it unfreezes or let it sit for 24-48 hours. Sigh. My COIN is real close to being thrown in the back of the drawer with all of my other electronic gadgets that promised to change the world but didn’t.

If you’re thinking of buying one of these gadgets. Don’t.

COIN

July 5, 2015

  About 18 months ago, I paid $50 to join a crowd source funding for a new product called “COIN”. COIN is supposed to be a credit card replacement that could dynamically change the data on the credit card magnetic stripe. One would be able to store a total of 8 different credit cards on the device. The idea is/was to reduce one’s credit card bloat in your wallet.

It seemed like a good idea to me. I typically have about 6-7 credit cards including ATM cards, credit cards and the like. The developer was promising delivery during the summer of 2014. I guess the early beta didn’t go as well as they hoped. So last summer they scheduled a second expanded beta with expanded beta units going to those who signed on early in the funding process.

Everyone else would have to wait until full production ramped up this summer. Those who didn’t want to wait could get a refund. So a couple of weeks ago I finally received my unit. Better late than never.

Here’s how it works, You need to install the COIN app on your smart phone (in my case an iPhone 6 plus). The COIN comes with a plug in credit card reader. First you have to pair your phone with the COIN. The COIN uses Blue-Tooth to communicate with the app.

One loads the credit cards into the app by swiping the card on the card reader. Then the app prompts you to add the security code on the back of the card. Once you are finished loading credit cards onto the app you then sync the credit cards with the COIN, So far so good. Works as advertised.

The COIN is the exact same size as a credit card. It has a small display that shows the card type (AMEX, Visa, etc) and last four digits of the card number. You can load credit/debit cards, gift cards and some id cards that have a magnetic stripe (though I can’t see how much use that would be.) There is button that you press to wake up the card and select the card that one wants to use.

Supposedly the COIN is compatible with most credit card readers and ATM’s. Here is where the rubber hits the road (or not). I haven’t tried it on any ATM’s yet. I don’t need to go to ATM’s very much. I usually get cash back while I am at the supermarket.

I have tried to use the device about a half dozen time. This is certainly a very limited sample size to be sure. I have attempted and been rejected at two different restaurants. I have successfully used it at a grocery store and the Starbucks at the grocery store.

It does have some neat security features though. The COIN won’t work if you lose connection to your phone. And the app will warn you that your COIN has gone away. It shuts off after about seven minutes and you will need a pass code to turn it back on or be paired with your phone.

So I wouldn’t use at it the regular Starbucks. They have an iPhone App for that and it works quite well.

Much of my shopping is done online and this device is of no use for that type of shopping.

My end goal is to have Apple-Pay become more widely accepted. Then I could ditch the credit cards all together. As it stands right now, I have only seen Apple-Pay in use at one merchant establishment (Panera Restaurant).

If you are interested in learning more about the device from the developer’s web site, Go to onlycoin.com. As for me, I’m not quite ready to leave my credit cards at home (at least not yet.) The support pages has a list of merchants that accept COIN and a list that have been reported as rejecting it.

Coin

August 29, 2014

Maybe you’ve heard of a device called “Coin” or maybe not. “Coin” is a device being developed by some folks in San Francisco. The concept is the device that will save account information of up to eight credit or debit cards and can be used like a credit or debit card at any Point of Sale credit card terminal or ATM. It works in conjunction with a mobile app to load the credit card information including account number, expiration date, security code and account owner’s name and so forth. Here’s the link to the “Coin” web site. And here is a picture of the device.

Coin-640x353

Okay, so far so good. I get it. I can carry one card instead of eight. Lightens up the amount of plastic I carry in my pocket. Sounds like a laudable goal.

So when I heard about it last fall, I bit the bullet and signed up. The company is partially funded by crowd source funding. Never heard of “Crowd Source Funding”? Click here for the wikipedia entry. That is, I send them my $50, and they promise to send one of the devices some time in the future. So a lot of people signed up. The company hasn’t said how much money was raised, but I believe it was significant.

So are there any drawbacks to the design? Two big ones that I can think of. First, it has a battery inside. Batteries go dead after a while. Coin website says the battery lasts for two years. Then you have to buy a new coin. By that time there ought to be a Coin 2.0 available. Perhaps it will support loading more cards, chip and pin, longer battery life? Who knows.

Second, the credit card technology used in the US is called “Chip and Signature”. The technology rapidly being adopted is called “Chip and Pin”. This technology is considered more secure. The “Coin” does not support “Chip and Pin”. So don’t expect it to work in Europe. Maybe some day it will be supported but not now

So back in November (November 15 to be exact) I forked over $50. The company said that the device would start shipping by the summer of 2014. Every once and a while, I would get an email with current status of development. So the summer has pretty much come and gone. The IOS app appeared as scheduled on 8/28. (The Android version is scheduled for 9/25) So I downloaded the app.  Actually it took a while to find. When you do a search for “Coin” you get about a couple of thousand hits. But never no mind.

I guess I should have known, when someone is vague about delivery dates using terms like spring or summer. I of course was hoping for June. Coin was obviously thinking end of summer. 

Recent emails from coin, have been telling me that delivery will be delayed as well as a second beta for 15,000 devices, with production quality devices shipping in Spring of 2015. Perhaps their idea of Spring is next September. I am not holding my breath. 

So the 2nd beta is for 15,000 devices going to the first 15,000 folks who signed up. The IOS app was to tell you when your device would ship (ie. are you in the beta or not?) The app says my coin would ship Spring 2015. I am not happy about that. And I fear that their scheduling is overly optimistic. I would not be surprise that additional delays could happen.

I could ask for my money back. My suspicion that would take quite a while. Besides, the money is already spent. I might as well settle down and wait.

One more thing. If after reading all of the above and you are still interested in pre-ordering one, use the following link to order. I get a $5 referral bonus credit.